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Automotive Wheel Rims Market Research Report Information By Material (Steel, Alloy, and Carbon Fiber), By Rim Size (13”-15”, 16”-18”, 19”-21” and Above 21”), By Vehicle Type (Passenger Cars and Commercial Vehicles), By End-Use (OEM and Aftermarket) and Region (North America, Europe, Asia-Pacific and the Rest of the World) - Global Industry Size, Share, Growth, Trends and Forecast To 2030


ID: MRFR/AM/8623-HCR | 110 Pages | Author: Sejal Akre| July 2024

Automotive Wheel Rims Market Scenario


Global Automotive Wheel Rims Market is anticipated to register a CAGR of 5% between 2022 and 2030. The automotive industry has witnessed growth due to the rising disposable income levels and changing lifestyles of the consumers, owing to which the sales of essential automotive components such as automotive wheel rims are likely to rise significantly. Enhanced functionality through innovations in wheel rims improves vehicle performance. This key factor, in turn, will drive the demand for automotive wheel rims in the coming years. However, the adoption of automotive wheel rims has been observed to be quite limited in the lower and middle-income countries due to the lack of awareness and low disposable income levels, which can restrict the growth of the market.

 

Wheel rims are cylindrical rings that hold the tires in an automobile. The rims ensure proper alignment of the tires and maintain the air pressure inside tubeless tires. Wheel rims need to be strong enough to bear the vehicle weight and withstand forces applied by vehicle operation.

 

The rims style the outer circular parts of the wheels. Materials such as steel, non-ferrous alloys, aluminum, and magnesium are used to produce rims in sophisticated designs. Alloy wheels are gaining popularity due to their appearance, as well as their low weight as compared to steel wheels. Wheel rims mainly affect the braking system of a vehicle. Wheel rims with larger diameters enable better airflow towards the braking system. Wheel rims are capable of carrying high bending and torsional loads and act as a supporting link to the suspension unit of the vehicle.

Key Players


Key players in the global automotive wheel rims market are TSW Alloy Wheels (US), Euromax Wheel (US), Maxion Wheels Inc. (US), VOXX International Corporation (US), Mobile Hi-Tech Wheels Inc. (US), Sota Offroad (US), Status Wheels (TUFF A.T) (US), Fuel Offroad Wheels (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan).


The global automotive wheel rims market has been segmented by material, rim size, vehicle type, end-use, and region. Based on material, the global  market can be segmented into steel, alloy, and carbon fiber. The alloy segment is anticipated to record a significant CAGR in the coming years. By rim size, the market has been split into 13”-15”, 16”-18”, 19”-21”, and above 21”. The 13”-15” segment held a sizeable share and is anticipated to record a significant CAGR in the coming years. By vehicle type, the wheel rims market has been split into passenger cars and commercial vehicles. The passenger car segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By end-use, the rims market can be bifurcated into OEM and aftermarket. The OEM segment is anticipated to record a high CAGR in the coming years.


Market SegmentationAutomotive Wheel Rims Market


The global automotive wheel rims market is expected to witness moderate growth during the forecast period owing to the growing vehicle production and increased demand for lightweight materials. These factors are expected to drive the demand for automotive wheel rims in the coming years.


Based on region, the global automotive wheel rims market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. The Asia-Pacific region is projected to dominate the global market in the coming years, which can be attributed to the increasing vehicle production and presence of prominent players operating in this region. Furthermore, the disposable income levels and spending capacity are increasing in the North American and European markets. 


Recent Developments



In February 2024, Ferrari made the official debut of its 2024 Formula One vehicle. Although the vehicle is visually striking, its real prowess will be determined by its capacity to contend with Red Bull for the top spot on the grid. Undoubtedly, among the ten car and livery debuts preceding the new Formula One season, which commenced in Bahrain at the end of February, the unveiling of Ferrari was the most anticipated event among members of the Formula 1 community. Embedded with vivid yellow and white accents and adorned in its signature deep red, the most recent Ferrari model participated in an official live stream. With this vehicle, which also features distinctive red, yellow, and white wheel alloys, Ferrari hopes to reclaim the constructors' category from which it has been absent since 2008 and to win the drivers' championship for the first time since 2007.


Report Attribute/Metric Details
  Market Size 2030 : USD 63712.1 Million Value
  CAGR   5% (2022-2030)
  Base Year   2021
  Forecast Period   2022 to 2030
  Historical Data   2020 & 2021
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Material, Rim Size, Vehicle Type, End-Use
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   TSW Alloy Wheels (US), Euromax Wheel (US), Maxion Wheels Inc. (US), VOXX International Corporation (US), Mobile Hi-Tech Wheels Inc. (US), Sota Offroad (US), Status Wheels (TUFF A.T) (US), Fuel Offroad Wheels (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan)
  Key Market Opportunities Lack of awareness Low disposable income levels\r\n
  Key Market Drivers   Enhanced functionality through innovations


Frequently Asked Questions (FAQ) :

The global automotive wheel rims market is predicted to grow at a 5% CAGR between 2022- 2030.

The global automotive wheel rims market is predicted to reach USD 63712.1 Million by 2030.

Key contenders profiled in the global automotive wheel rims market include TSW Alloy Wheels (US), Euromax Wheel (US), Maxion Wheels Inc. (US), VOXX International Corporation (US), Mobile Hi-Tech Wheels Inc. (US), Sota Offroad (US), Status Wheels (TUFF A.T) (US), Fuel Offroad Wheels (US), Wheel Pros Holdings, LLC (US), and Topy Industries Limited (Japan).

Consumers changing lifestyle and increasing disposable income are driving the global automotive wheel rims market growth.

Asia Pacific will lead the automotive wheel rims market.

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